NSE: PVRINOX · BSE: 532689
PVR INOX LIMITED
Operates one of India's largest cinema exhibition circuits with 1,782 screens across 355 properties in 113 cities in India and Sri Lanka, making up 94.7% of segment revenue at INR 6,607.9 crore in FY26. Ticket sales and food & beverage sales at the cinemas are the main earnings levers — average ticket price INR 273 and F&B spend per head INR 161 in Q1 FY27, with footfalls of 36.6 million in that quarter at 25.3% occupancy. A second, much smaller segment earns INR 371.4 crore (5.3% of segment revenue) from producing and distributing films. The business is pivoting from pure cinema into an out-of-home entertainment destination, hosting FIFA World Cup screenings, IPL matches, concerts and re-releases on its screens, and 16% of its circuit sits in premium formats. Costs are dominated by other operating expenses at 50.8% of revenue and depreciation at 19.1%, reflecting the asset-heavy nature of running multiplexes. Expansion is shifting toward capital-light and FOCO (Franchise-Owned, Company-Operated) models, with 90 to 100 gross screens planned for FY27 against capex guidance of INR 350 crore, and a 5-year target of about 1,000 additional screens including Tier 2/3 markets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Movie exhibition (95%), Movie production and distribution (5%). Asset-heavy cinema exhibition with high fixed costs and significant depreciation, supplemented by a small film production and distribution arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,331 | 3,751 | 6,107 | 5,780 | 6,646 |
| EBITDA (ex other income) | 106 | 1,037 | 1,810 | 1,541 | 2,047 |
| margin % | 7.9 | 27.6 | 29.6 | 26.7 | 30.8 |
| Owners' profit | (488) | (335) | (32) | (280) | 334 |
| EPS, as reported (₹) | (80.23) | (51.59) | (3.26) | (28.48) | 34.01 |
| ROE % · ROCE % | (35.7) · (3.1) | (4.6) · 2.5 | (0.4) · 5.2 | (4.0) · 3.2 | 4.5 · 7.2 |
| Debt / equity (x) | 1.10 | 0.24 | 0.23 | 0.21 | 0.10 |
| Cash from operations | 167 | 864 | 1,979 | 1,967 | 2,160 |
| Capex | (125) | (636) | (634) | (334) | (259) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,622 | 1,717 | 1,250 | 1,469 | 1,823 | 1,880 | 1,547 | 1,622 |
| Profit before tax | (15) | 46 | (168) | (70) | 142 | 119 | 21 | 76 |
| Net profit | (12) | 36 | (125) | (55) | 106 | 95 | 186 | 57 |
| EPS (₹) | (1.20) | 3.66 | (12.73) | (5.51) | 10.78 | 9.75 | 19.00 | 5.75 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Movie exhibition | 6,595 | 93.3 |
| Movie production and distribution | 371 | 5.3 |
| Others | 100 | 1.4 |
| Total, before eliminations | 7,067 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PVR INOX LIMITED ◆ | 14,089 | 31.7 | 1.91 | 6.4 | 4.5 | 1.7 | 88.4 | 34.2 |
| CINELINE INDIA LIMITED | 299 | — | 2.08 | 16.3 | (12.3) | (14.1) | 52.4 | (29.5) |
| UFO MOVIEZ INDIA LTD. | 232 | 9.6 | 0.71 | 3.4 | 7.7 | 7.6 | 41.0 | 19.3 |
| MUKTA ARTS LIMITED | 111 | — | — | 7.3 | 21.6 | (9.1) | 19.0 | 14.2 |
| PNC MEDIA AND ENT LTD | 26 | — | 0.43 | — | (20.6) | (26.2) | 37.2 | (41.1) |
| TIPS FILMS LIMITED | 14 | — | 0.46 | — | (53.0) | (49.0) | — | (60.9) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.7 | 31.7 | 15 of 29 | 50% |
| P/B | 1.9 | 1.0 | 32 of 47 | 33% |
| ROCE | 1.7 | 1.2 | 25 of 55 | 56% |
| ROE | 4.5 | 1.0 | 11 of 47 | 78% |
| Debt / Equity | 0.1 | 0.0 | 32 of 47 | 33% |
| EBITDA margin | 34.2 | 10.1 | 12 of 52 | 78% |
| Revenue growth | 10.4 | 0.6 | 16 of 49 | 69% |
| Profit growth | 203.7 | (18.0) | 6 of 50 | 90% |
| Market cap | 14089 | 71 | 3 of 58 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · PVR INOX shares audio of Q2 and H1 results call | investor communications | low | — | — |
| 28 Oct 2026 · Record Q2 FY27 results, higher margins and INR 3 billion buyback | investor communications | medium | — | — |
| 28 Oct 2026 · Record Q2 and H1 FY27 results as revenue and profit surge | compliance | low | — | — |
| 28 Oct 2026 · Profit jumps 147%, aided by Rs 1,952 million one-off sale gain | results | high | — | — |
| 21 Oct 2026 · PVR INOX Q2 FY27 earnings call set for Oct 28 at 4 PM | board shareholder meetings | low | — | — |
| 21 Oct 2026 · PVR Inox board meet on Oct 28 to consider Q2 and H1 FY27 results | results | low | — | — |
| 14 Oct 2026 · Routine quarterly compliance certificate filed with depositories | compliance | minimal | — | — |
| 5 Oct 2026 · PVR INOX completes buyback, extinguishes 20.68 lakh shares | corporate actions | high | — | — |
| 30 Sept 2026 · PVR INOX senior management meets institutional investor in Singapore | investor communications | low | — | — |
| 29 Sept 2026 · PVR INOX senior management held institutional investor meeting | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.